In 2021, the global Web3 market was worth an estimated $3.2 billion and is projected to grow to a $67.4 billion industry by 2026.
No longer a playground for tech enthusiasts, the Web3 landscape is now attracting industry titans like JP Morgan, Blackrock, Samsung, Microsoft, and Tencent. As we tread into this new era, a pressing question arises: How do we win the talent crunch in blockchain hiring
The rapid expansion of the Web3 industry has outpaced its talent pool, igniting a fierce competition for professionals. Local recruitment strategies fall short, prompting a need to tap into global talent. Whether a growing startup or a well-established company, this guide simplifies global Web3 hiring with clear, actionable steps.
Understanding the Web3 Talent Landscape
As the Web3 ecosystem multiplies, companies often hunt for the best talent to stay ahead. But what kind of talent are we talking about?
Identifying the Different Roles and Job Functions in the Web3 Space
Plenty of jobs are available in Web3 — from development to sales — and the vast spectrum of careers. Some top career choices include Blockchain Development and Smart Contract Engineering, with an approximate salary of $125K/year.
This is followed by Marketing, Data Analysis, and DevRel/Sales professionals, earning between $90K—$110K/year. It should be noted that opportunities in Web3 aren't limited to these roles, and there are plenty of options such as Visual Designing, Video Editing, Web Development, Content Writing, etc.
Exploring the Emerging Trends in Web3 Talent Acquisition
Regarding Web3 hiring, the world is your talent pool, thanks to global sourcingRemote work isn't merely an alternative in Web3; it's in the DNS. It fosters international collaboration, fueling the creation of global teams. Coupled with the rise of asynchronous communication tools, geographical limitations are diminishing, enabling 24/7 productivity that syncs with the always-on nature of blockchain technologies. As we advance, the traditional boundaries of talent acquisition are being redrawn in the Web3 era, calling for strategies that can harness this global potential.
Challenges in Hiring Blockchain Professionals
Hiring professionals in Web3 is not a walk in the park. Like any other industry, Web3 needs help with problems like identifying, recruiting, and retaining talent.
Limited Pool of Qualified Candidates and the Nature of Web3
Web3, in its nascent stage, is full of potential but largely unexplored. This translates to a limited pool of experienced professionals.
Moreover, the specialised skill set required for Web3 is scarce and highly sought after in other industries, increasing competition among employers.
Adding to the complexity is the rapidly evolving nature of Web3 technologies. The pace is mind-blowing and confusing; professionals must be agile to stay up-to-date. This confluence of scarcity, competition, and the need for continual upskilling makes the hunt for talent challenging to overcome.
Decentralisation and Decentralised Autonomous Organisations (DAOs) is a Double-edged Sword
The decentralised ethos of blockchain is one of its defining features. However, DAOs have introduced their own challenges. These primarily revolve around hiring, defining job roles, and setting clear expectations
With many people starting their careers in a DAO as part time contributors, progressing to key contractots to finally salaried staff of the DAO, onboarding can often be very confusing for both those new to a DAO and those running it. This results in many keen qualified potential candidates being missed.
Moreover, the decentralised nature demands higher trust and accountability, which can be challenging to ascertain during the hiring process.
Navigating Regulatory Hurdles
The regulatory landscape for blockchain and crypto is often described as a moving target.
The need for clear regulatory frameworks in many regions adds complexity to hiring. Professionals in Web3 need to be adept not just in technology but also in navigating the regulatory nuances that are inherent to the blockchain space.
By being aware of the global regulatory landscape as it shifts and moves in different countries you can have an edge on your competitors, or by relying on trusted partners who closely monitor the changes in regulation (such as Teamed)
At the moment areas such as the UK and the EU are moving ahead with regulatory clarity with the passing of MICA and The Financial Services & Markets Bill. This clarity makes it far easier for businesses and employees to know where they legally stand when it comes to running or working in a blockchain business.
Strategies for Navigating the Competitive Landscape
The landscape of Web3 is unique, and to navigate this, organisations must adopt new strategies that are native to the industry as well as forward-thinking to identify and acquire the right talent.
Building a strong employer brand and value proposition
The brand is what attracts people and talent to your organisation. To hire top talent, you must position yourself equally high. Showcase your projects, align your brand with the values of decentralisation and blockchain, and share their success stories to stand out.
Developing Partnerships with Educational Institutions and Blockchain Communities
Build partnerships with educational institutions and blockchain communities to bridge the gap and identify and recruit emerging talent. Bring them on board to collaborate with upskill and help them join the discussion to stay ahead of the curve.
Communites are at the core of the web3 and blockchain eco-system, with many people showing such affinity to their community as football fans do for their clubs. Sporting the community PFP as a profile picture, wearing their merchandise and shouting about them on social media.
Connecting with communies that share your brand ethos will allow you to leverage the community for your talent hunting.
Leveraging Online Platforms and Communities to Attract Talent
The world is more connected than ever. Could you make the most of it?
Go beyond traditional methods — use platforms like LinkedIn to connect with professionals or engage with Web3 communities on Discord, Reddit, and Twitter; Host webinars and events with key leaders to put your brand on the map, getting you the proper recognition.
Offering Competitive Compensation Packages and Benefits
Let's be honest; compensation and work-life balance matter significantly in 2023.
Offer competitive packages that go beyond just salary. Consider including crypto incentives with opportunities to upskill themselves, flexible hours, and remote work options to make your company even more attractive. A competitive package can be the cherry on top that seals the deal. But once you've got the talent, how do you keep them?
Investing in Talent Development and Retention
Hiring is just the beginning. To retain talent, you must nurture the employees you bring on board with the right time, effort, and conditions.
Importance of Upskilling and Continuous Learning Programmes
The importance of upskilling must be balanced. As Coursera's Global Skills Index highlighted, blockchain remains one of the most sought-after skills in 2023. This underscores the necessity for professionals to be adept and continuously learn new skills to upgrade themselves.
This will help the individual be more resourceful and knowledgeable and help teams become more effective and efficient when completing tasks.
Additionally, participating in hands-on learning experiences such as hackathons will provide a platform to think out of the box and put theoretical knowledge to the test.
In essence, continuous learning programmes are investments that yield dividends in the form of innovation, proficiency, and, ultimately, success — for both the company and the individual.
Creating a Supportive and Collaborative Work Environment
The environment in which your team works can make or break their productivity.
- Encourage collaboration and knowledge sharing - what can happen when great minds come together is fantastic.
- Equip them with the tools and resources they need to excel.
- And remember to celebrate their achievements; a little recognition goes a long way.
Build a foundation of support, and watch your team soar to new heights.
Implementing Effective Retention Strategies to Retain Top Blockchain Talent
Once you have onboarded your new employee, it's all about retention.
- Please provide them with clear paths and roadmaps for career advancement and day-to-day tasks.
- Regularly review tasks and results to give them real-time feedback.
- And most importantly, engage with your team and listen to what they say.
Investing in your team is investing in the future of your company. Nurture the talent, and reap the rewards.
Leveraging Networks and Industry Connections
Engage actively with blockchain communities, participate in industry events, and establish your presence at blockchain conferences and meetups. Build strong relationships with critical talents and leaders in the Web3 space to collaborate, engage with them, and maximise your reach and impact.
Successful Approaches to Hiring Blockchain Professionals
In the dynamic world of Web3, securing a top-tier team is the key to winning. If you aim to form a robust team, it's crucial to learn from the best in the business. Here are the methods that work well:
- Reaching Out for Talent: Leading companies such as Amber Group and OKX don't just wait for talent to find them - they take the initiative to seek out the best candidates, recognizing that it requires effort.
- Joining Forces with Schools: Companies like Hyperledger and Ripple team up with educational institutions to discover fresh talent. By offering opportunities and working on projects together, they connect with enthusiastic newcomers ready to contribute to the blockchain world.
- Engaging with Web3 Communities: Many Web3 communities, like Bankless, find a lot of their key members from within their community and from contributors to initiatives like BanklessDao.
- Providing Competitive Benefits: To win top talent, you need to provide top offers. Companies such as Coinbase know this and propose enticing compensation packages, which could involve good salaries, company shares, and chances to learn.
- Promoting a Learning Culture: A workplace that fosters learning and innovation is attractive to top talent. For instance, Polygon's team, which works on solving scalability issues on the Ethereum blockchain, encourages continuous learning to stay up-to-date with technological advancements.
With these strategies in mind, it's time to think about how you can apply them in a way that's unique to your company. Remember, building a successful team is hiring the right people and creating an environment where they can do their best work.
Navigating the competitive landscape requires a well-thought-out strategy.
From building a strong employer brand to developing partnerships and investing in talent development, every step counts.
But here's the thing: you don't have to do it alone. With Teamed by your side, you can quickly navigate the uncharted waters of global employment. We've covered everything, from understanding the local blockchain compliance, to background checks to taxes and payslip management.